WP Carey Acquires Two Purmo Group Manufacturing Facilities in Poland for €52 Million in Sale-Leaseback Deal

WP Carey has acquired two Purmo Group manufacturing facilities in Poland for approximately €52 million in a sale-and-leaseback transaction, with Purmo Group retaining operational control of the plants under a 20-year triple-net master lease. Advium Corporate Finance advised Purmo Group on the deal, which was announced Sept. 10, 2026.

Deal Terms and Lease Structure

The two facilities, located in Wałcz in northwestern Poland and Rybnik in southern Poland, together span approximately 83,400 square meters — roughly 897,800 square feet — of light-industrial manufacturing space. The total consideration of €52 million, equivalent to approximately PLN 225 million, implies a price of roughly €623 per square meter.

Purmo Group will continue to occupy both facilities under a triple-net master lease running through at least 2046. Annual rent increases are linked to the consumer price index, providing an inflation-indexed income stream for WP Carey. Under the lease structure, only the land and buildings transferred to WP Carey; production equipment, machinery, and technology remain with Purmo Group.

Strategic Role of the Facilities

The two plants produce the majority of Purmo Group's panel radiators, the company's largest business line. Both facilities are positioned along key transport routes, providing distribution access across Europe. The Rybnik plant has been described as Purmo's largest and most modern factory, while the Wałcz facility is a significant employer in its local market in northwestern Poland.

Purmo Group, a European provider of indoor climate solutions, is owned by Apollo Funds and Rettig. The company framed the transaction as a means of releasing capital from real estate to support long-term growth and investment plans while preserving operational control of the strategically important sites.

Advium's Role and Prior Relationship

Advium Corporate Finance, which advised Purmo Group on the sale-and-leaseback, previously advised Apollo and Rettig on their 2024 public cash tender offer for Purmo Group. The Poland transaction extends that advisory relationship into the company's post-acquisition capital optimization strategy.

Sale-and-leaseback arrangements have become a common tool for private-equity-backed manufacturers seeking to monetize owned real estate at institutional pricing while locking in long-term occupancy. The 20-year CPI-linked triple-net structure is consistent with core and core-plus industrial net-lease pricing in Poland and the broader Central and Eastern European market, where long-duration, inflation-hedged income streams have attracted significant investor demand.

WP Carey's Net-Lease Strategy

WP Carey is a net-lease real estate investor. The Purmo Group acquisition adds two fully occupied, single-tenant industrial assets to its portfolio, backed by a long-term lease with annual rent escalations tied to consumer price inflation.

Purmo Group's panel radiator plants in Wałcz and Rybnik will continue operating without interruption under the new ownership arrangement, with the lease term extending to 2046 providing continuity for both the tenant's manufacturing operations and the local workforces at each site.

Sources

Advium Corporate Finance / eQ Group — Transaction Announcement (Sept. 10, 2026)